CVR Energy (CVI) Q3 2026 earnings summary

Executive summary

• Q3 net income was $563M, net income attributable to stockholders was $570M, and adjusted EBITDA was $582M, led by record Petroleum results.

• Definitive agreement to acquire Marathon’s St. Paul Park and Mandan refineries and related marketing and logistics assets for ~$4.2B; crude capacity would rise to 384,000 bpd.

Financial highlights

• Revenue was $3.281B, operating income $724M, diluted EPS $5.67, and EBITDA $804M; adjusted EBITDA was $582M and adjusted EPS $4.00.

• Operating cash flow was $655M and free cash flow $593M in Q3; nine-month operating cash flow reached $1.03B.

• Cash and cash equivalents were $1.278B at September 30; total liquidity was $1.9B.

Outlook and guidance

• Q4 Petroleum guidance: throughput 210,000–225,000 bpd, crude utilization 95%–100%, and direct operating expenses $115M–$125M.

• Q4 Nitrogen Fertilizer guidance: ammonia utilization 88%–93% and direct operating expenses $58M–$63M; FY 2026 capital spending estimate is $220M–$240M.

• Above-mid-cycle refining margins were expected to persist for 12–24 months; acquisition synergies are estimated at $70M annually by FY2028.